The criteria for eligibility for an unsecured business loan in Sydney of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K business loan.
All that’s needed for starting is your contact information (company name, your name, email, phone) along with the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we will need confirmation of who you are but not to get started:
In addition, once we have started in the process, for loans of more than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Sydney unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
Apply for this Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and the funds could be available in just 24 hours. Traditional business loans reference an interest rate per annum together with additional fees and charges. We offer a company loan is a pre-paid loan therefore you’ll be aware in advance of the total amount payable including any interest, fees or charges. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for nearly every business use, including managing cash flows, company improvements, advertising to purchase inventory, new equipment, to fund general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large the business needs to have been trading for at least 3 years and have an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost all company use, including company renovations, to purchase equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to access funding over $150,000. It’s by taking a charge against assets, which could also include registering this on the PPSR or filing as a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature rather than stating security over a particular asset. The person who signs the ensure is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
A caveat is a legal form of document to provide the legal claim against a property.
If you’re requesting a Larger Business Loan that is greater than $250,000 we may be able to provide a preliminary pre-approval to help smooth out the process. It is possible to make this decision without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial well-being questions. It’s not an offer of credit or guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different terms.
You may apply for an company loan if you
The process for applying is fast and simple. Just fill out the online application within a couple minutes, and a dedicated business credit specialist will contact you to assist you.
To apply for up to $100,000, you’ll require identification details (valid Driver’s License), a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually offer an answer within one hour if you apply in standard business hours and let us use the advanced bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statements we can provide a decision within just 1 business day.
For Larger Business Loans ($100K up to $500,000) we may be in a position to offer you with conditional pre-approval within about six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain offers have been approved in 24 hours.
The quickest way to apply is to ensure you apply during standard company hours, and allow us to use our advance bank verification to instantly verify your bank information online. If you opt to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer a response in one hour if you make your application during standard business time and you allow us to use the bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements, we are able to offer the decision in as little as 1 business day.
For the Larger Business Loans ($100K or more) we may be able to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved in the space of 24 hours.
The most efficient method can be make sure you apply during normal business hours, and allow us to use the advanced bank verification system link to check your bank’s information online. If you decide to upload documents from your account statement, it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a certain amount, we take into consideration a range of variables that determine how much we can lend you health that is your company and the amount of the repayments your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances of your business.
If you apply for a certain amount, we look at a range of elements to assess the well-being of your company as well as the amount of repayments that your business can afford. The amount you receive from your loan will be determined by the particulars of your company.
If you decide to request the company loan, we’ll assess the risk assessment for your company and provide an individualised proposal that includes the amount of the loan, the duration and interest rates. A company loan is an upfront priced loan and you’ll know in advance the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates depend on a variety of variables like the amount to be borrowed, what business assets the funds are used to purchase as well as the field the business is operating in, how long the business is in operation for, how long the business has sufficient cash flow to fund the loan, and general health or creditworthiness of the business.
There aren’t any hidden charges with our business loans. You’ll be aware of the amount it is that you need to pay, and at what time, from the day you sign up. There’s no compounding and no extra fees (as long as you make your payments on time).
We do not charge an application fee. You can request a credit loan with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can decide to repay all of your loan in full at any time.
If you choose to pursue this option, please speak to our friendly business lending professionals. We will provide you with repayment details as well as an early payout amount. It will be calculated using the total of the principal balance and accrued interest to the date of early payout plus 1.5% of the principal balance as well as any outstanding fees.
To make sure you do not miss due dates and also to be in line with your cash flow cycle we provide payments that are either weekly or daily. These are automatically deducted from your nominated company account.
Security of your data, and making it clear the ways we gather information, use it, and exchange it, as well as protect your information, is vital and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to security for our clients and security. We use an advanced bank verification system to instantly confirm your bank account information online so we can offer rapid response.
Asset-based borrowing occurs when the company owner utilises an asset they own to get a loan. The asset may be an individual property, such as the family home, or a company asset like a truck or other piece of machinery.
The majority of the lenders including the major banks, prefer to make loans secured by an asset. If you have trouble paying back the loan then your assets could be offered for sale by the lender. In essence it is a way of securing new financing by using the value of what you already own.
For loans that exceed $150K, the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. In the event that you fulfill your loan commitments (as detailed in the loan contract), asset security is not needed. For loans over $150,000 typically, you will need an individual ensure and security in the form of charges on assets.
